{
  "story_id": "e1b815c231059041f08fb921df2a748b",
  "desk": "drm3",
  "revision": 2,
  "published_at": "2026-09-02T19:15:06.000Z",
  "content_hash": "4dc1e01a06aec95043cea2efa389ee50534f6b3f150fd653db3ad27964b688b8",
  "hash_basis": "sha256 over `headline\\ndek\\nprose`, plus `\\n` + the canonical citations JSON when any source is placed, plus `\\n#blog` for blogs",
  "basis": {
    "headline": "Strategy CEO: Bitcoin Purchases Driven by Capital Costs, Not Price",
    "dek": "Strategy CEO Phong Le states Bitcoin buying decisions rely on capital costs rather than price levels.",
    "prose": "Strategy President and CEO Phong Le stated that the decision to buy Bitcoin comes down to cost of capital rather than market timing or Bitcoin's specific price. [^1]\n\nStrategy resumed its Bitcoin purchases following a 10-week pause spent shoring up its balance sheet. [^2]\n\nPhong Le, CEO of Strategy, said in a Bloomberg Crypto interview that selling Bitcoin near $60,000 and buying it back at $80,318 was 'the right trade' each time, driven by balance sheet and financing costs rather than a bet on Bitcoin's price. [^3]\n\nCEO Phong Le stated the trade only works when selling shares or debt costs less than Bitcoin's expected return. [^4]\n\nPhong Le compared the calculation behind Bitcoin purchases to financing a data center buildout, noting that land and energy costs have climbed while the cost of raising capital stayed low. [^5]\n\nAccording to an Aug. 31, 2025 regulatory filing, Strategy bought 4,603 BTC for $369.7 million in the week ending Aug. 30, 2025, paying an average of $80,318 per coin, and financed the purchase by selling shares of its MSTR common stock. [^6]\n\nAccording to Strategy's Bitcoin ledger, the company sold 6,916 BTC in four tranches from late June 2025 through mid-August 2025 at a weighted-average price of about $62,200. [^7]\n\nIn May 2025, Strategy abandoned its 'never sell' position and pledged to remain a net Bitcoin buyer, a shift that came after its STRC variable-rate perpetual preferred stock fell below its $100 stated value in June 2025, reducing a source of funding for Bitcoin purchases. [^8]",
    "cited": "[{\"statement\":\"Strategy President and CEO Phong Le stated that the decision to buy Bitcoin comes down to cost of capital rather than market timing or Bitcoin's specific price.\",\"source\":\"beincrypto.com\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-02T01:39:51.000Z\",\"publisher_count\":1,\"sources\":[\"beincrypto.com\"]},{\"statement\":\"Strategy resumed its Bitcoin purchases following a 10-week pause spent shoring up its balance sheet.\",\"source\":\"beincrypto.com\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-02T01:39:51.000Z\",\"publisher_count\":1,\"sources\":[\"beincrypto.com\"]},{\"statement\":\"Phong Le, CEO of Strategy, said in a Bloomberg Crypto interview that selling Bitcoin near $60,000 and buying it back at $80,318 was 'the right trade' each time, driven by balance sheet and financing costs rather than a bet on Bitcoin's price.\",\"source\":\"Decrypt\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-02T19:15:06.000Z\",\"publisher_count\":1,\"sources\":[\"Decrypt\"]},{\"statement\":\"CEO Phong Le stated the trade only works when selling shares or debt costs less than Bitcoin's expected return.\",\"source\":\"beincrypto.com\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-02T01:39:51.000Z\",\"publisher_count\":1,\"sources\":[\"beincrypto.com\"]},{\"statement\":\"Phong Le compared the calculation behind Bitcoin purchases to financing a data center buildout, noting that land and energy costs have climbed while the cost of raising capital stayed low.\",\"source\":\"beincrypto.com\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-02T01:39:51.000Z\",\"publisher_count\":1,\"sources\":[\"beincrypto.com\"]},{\"statement\":\"According to an Aug. 31, 2025 regulatory filing, Strategy bought 4,603 BTC for $369.7 million in the week ending Aug. 30, 2025, paying an average of $80,318 per coin, and financed the purchase by selling shares of its MSTR common stock.\",\"source\":\"Decrypt\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-02T19:15:06.000Z\",\"publisher_count\":1,\"sources\":[\"Decrypt\"]},{\"statement\":\"According to Strategy's Bitcoin ledger, the company sold 6,916 BTC in four tranches from late June 2025 through mid-August 2025 at a weighted-average price of about $62,200.\",\"source\":\"Decrypt\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-02T19:15:06.000Z\",\"publisher_count\":1,\"sources\":[\"Decrypt\"]},{\"statement\":\"In May 2025, Strategy abandoned its 'never sell' position and pledged to remain a net Bitcoin buyer, a shift that came after its STRC variable-rate perpetual preferred stock fell below its $100 stated value in June 2025, reducing a source of funding for Bitcoin purchases.\",\"source\":\"Decrypt\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-02T19:15:06.000Z\",\"publisher_count\":1,\"sources\":[\"Decrypt\"]}]",
    "kind": "news"
  },
  "receipt_verify": "Ed25519 over the dot-joined string `slice_hash.cursor_from.cursor_to.view.view_version.row_count`; public_key and sig are base64url of the raw 32-byte key / 64-byte signature",
  "receipt": null,
  "receipt_note": "this revision predates receipt-keeping (before v0.37.0); the filed row lives in the record",
  "generation_chain": {
    "wire": {
      "stream": "fountain_news",
      "story_id": "f94e2638904926b9611f80f31d28cbbc",
      "thread_id": "48113f4b04b23f4311fe3ee13860f193",
      "thread_label": "Phong Le",
      "novelty": "UPDATE",
      "content_hash": "d09a3868ee14fe4d05be0b68498ffddd8c04130f7f12a243f9ecb5bac92f35d3",
      "last_published_at": "2026-09-02T19:15:06.000Z",
      "read_receipt": {
        "slice_hash": "11220e4dbf5190921f107dbdea6d99cd844703ff4eef74569640e84ea83ced60",
        "cursor_from": "eyJ0cyI6IjIwMjYtMDktMDJUMTc6NDQ6NDkuMDAwMDAwWiIsImlkIjoiMzY4OTUzMTNmMmQ0NTU3Zjk3Nzk4NTU5NDE1MWQ0OTYiLCJ2IjoiMSJ9",
        "cursor_to": "eyJ0cyI6IjIwMjYtMDktMDJUMTk6NDU6MTcuMDAwMDAwWiIsImlkIjoiMjc4NjE2ZTUxYmJmNDhkYmNlNzZjNjhlYmMxM2E2NmUiLCJ2IjoiMSJ9",
        "view": "v_fountain_news",
        "view_version": "1",
        "row_count": 100,
        "window_days": 3,
        "bytes_scanned": 10113494,
        "credits": 8,
        "price_per_100_rows": 8,
        "sig": "TfMTRUXpx7CzBxHaDv5ngbDuMNWmGAy2xiFXiaO_Paus3_lE3iKiHphYPVaT8Ac2h-vl_QwA11jHegTeg3YTCA",
        "public_key": "bMUigy8O0jOnBxQ4Sc-5lwhIZ8LQVAhxMbR7qESVuUE",
        "signer_path": "lakehouse/data-extract/v1",
        "alg": "Ed25519",
        "signed": true
      }
    },
    "written_at": "2026-09-03T00:46:03.075Z"
  },
  "cited_facts": [
    {
      "statement": "Strategy President and CEO Phong Le stated that the decision to buy Bitcoin comes down to cost of capital rather than market timing or Bitcoin's specific price.",
      "source": "beincrypto.com",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-02T01:39:51.000Z",
      "publisher_count": 1,
      "sources": [
        "beincrypto.com"
      ]
    },
    {
      "statement": "Strategy resumed its Bitcoin purchases following a 10-week pause spent shoring up its balance sheet.",
      "source": "beincrypto.com",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-02T01:39:51.000Z",
      "publisher_count": 1,
      "sources": [
        "beincrypto.com"
      ]
    },
    {
      "statement": "Phong Le, CEO of Strategy, said in a Bloomberg Crypto interview that selling Bitcoin near $60,000 and buying it back at $80,318 was 'the right trade' each time, driven by balance sheet and financing costs rather than a bet on Bitcoin's price.",
      "source": "Decrypt",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-02T19:15:06.000Z",
      "publisher_count": 1,
      "sources": [
        "Decrypt"
      ]
    },
    {
      "statement": "CEO Phong Le stated the trade only works when selling shares or debt costs less than Bitcoin's expected return.",
      "source": "beincrypto.com",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-02T01:39:51.000Z",
      "publisher_count": 1,
      "sources": [
        "beincrypto.com"
      ]
    },
    {
      "statement": "Phong Le compared the calculation behind Bitcoin purchases to financing a data center buildout, noting that land and energy costs have climbed while the cost of raising capital stayed low.",
      "source": "beincrypto.com",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-02T01:39:51.000Z",
      "publisher_count": 1,
      "sources": [
        "beincrypto.com"
      ]
    },
    {
      "statement": "According to an Aug. 31, 2025 regulatory filing, Strategy bought 4,603 BTC for $369.7 million in the week ending Aug. 30, 2025, paying an average of $80,318 per coin, and financed the purchase by selling shares of its MSTR common stock.",
      "source": "Decrypt",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-02T19:15:06.000Z",
      "publisher_count": 1,
      "sources": [
        "Decrypt"
      ]
    },
    {
      "statement": "According to Strategy's Bitcoin ledger, the company sold 6,916 BTC in four tranches from late June 2025 through mid-August 2025 at a weighted-average price of about $62,200.",
      "source": "Decrypt",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-02T19:15:06.000Z",
      "publisher_count": 1,
      "sources": [
        "Decrypt"
      ]
    },
    {
      "statement": "In May 2025, Strategy abandoned its 'never sell' position and pledged to remain a net Bitcoin buyer, a shift that came after its STRC variable-rate perpetual preferred stock fell below its $100 stated value in June 2025, reducing a source of funding for Bitcoin purchases.",
      "source": "Decrypt",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-02T19:15:06.000Z",
      "publisher_count": 1,
      "sources": [
        "Decrypt"
      ]
    }
  ],
  "note": "A signature proves who filed this and that it has not changed since. It never makes a claim true."
}